US, EU reveal trade deal details
Pham Huan - VOV correspondent in the US -
(VOVWORLD) - The US will impose a 15% tariff on imports of European cars, pharmaceuticals, and other products, according to a joint statement issued Thursday by the Trump administration and the European Union.
 The Port of Los Angeles, in San Pedro California, US, May 13, 2025. File photo: REUTERS/Mike Blake |
The pact also calls for the 27-member EU to eliminate tariffs on all American industrial exports and to offer preferred terms for some seafood and farm products, while the US will reduce tariffs accordingly.
Semiconductors, pharmaceuticals, and timber from the EU will also be subject to tariffs of 15%, well below the tariffs planned for other markets, according to the joint statement. It also said the US agrees to apply existing Most Favored Nation (MFN) tariffs of below 15% on aircraft and parts from the EU after September 1.
EU companies committed to buying US energy products worth 750 billion USD through 2028, 40 billion USD worth of US AI chips, and to investing an additional 600 billion USD in strategic sectors.
The two sides pledged to continue working together to reduce or eliminate non-tariff barriers. The EU also pledged to substantially increase procurement of US military and defense equipment.
Pham Huan - VOV correspondent in the US